Business

CBN Issues Guidelines On Bank Neutral Cash Hubs

Published

4 years ago

June 3, 2022

The Central Bank of Nigeria (CBN), has issued guidelines for setting up Bank Neutral Cash Hubs (BNCHs).

According to the apex bank, BNCHs are being initiated in furtherance of its mandate to promote a sound financial system in Nigeria, in collaboration with Banker’s Committee in order to reduce the cost and improve operational efficiency in the country’s cash management value chain.

CBN said, “BNCHs are cash collection centers to be established by registered (licensed) processing companies or Deposit Money Banks (DMBs) based on business needs.

“They will be located in areas with high volumes of commercial activities and cash transactions. The hubs will provide a platform for customers to make cash deposits and receive value irrespective of the bank with which their account is domiciled.

“The key objective of setting up Bank Neutral Cash Hubs (BNCH) is to reduce the risks and cost borne by banks, merchants and huge cash handlers in the course of cash management activities; deepen financial inclusion; and leverage on shared services to enhance cash management efficiency.”

The apex ban said that the guideline was to provide minimum standards and requirements for BNCH registration and operations for effective supervision.

According to the guideline, “A BNCH may carry out the following: Receipt of Naira denominated deposits on behalf of financial institutions from individuals and businesses with high volumes of cash; disbursement of Naira denominated withdrawals on behalf of financial institutions to individuals and businesses with high volumes of cash.; and any other activities that may be permitted by the CBN.”

Non Permissible Activities

The guideline however prohibits BNCHs from: investing or lending activities; receive, disbursing or engaging in any transaction involving foreign currency; nor sub-contract another entity to carry out its operations

Eligible promoters

Only Deposit Money Banks (DMBs) and Cash Processing Companies (CPCs) are eligible to apply for licences for BNCHs.

According to the guideline, a promoter of a BNCH “shall submit a formal application to the Director, Currency Operations Department (COD) requesting to be granted approval to operate a BNCH, which shall be processed in two stages, namely: Approval-in-Principle (AIP) and Final Approval

“Note that a formal application for approval shall be made for every new BNCH site to be set up.”

Requirements for Approval-In-Principle (AIP)

“Prospective promoters of BNCH (CPC or DMB) seeking to operate a BNCH are requested to apply in writing to the Director, Currency Operations Department (COD).

“They are to submit, along with the application: a valid DMB license or a valid proof of CPC registration issued by the CBN; a non-refundable application fee of N100,000 only, or such other amount as the CBN may specify, in a bank draft payable to the CBN; evidence of board resolution approving the application duly signed by the Chairman and Secretary of the board of the CPC or the DMB; detailed business plan or feasibility report which shall, at a minimum, include: Objectives of the BNCH; Services to be rendered by the BNCH; and Justification for the application.

“Other requirements include: organizational structure, showing functional units, responsibilities, reporting relationships; a list of proposed staff in charge of BNCH operations/services; Technical Services Agreement (where applicable); and certificate of Incorporation and certified true copies of other incorporation documents of the CPC or the DMB; detailed Manuals and Policies, including operations manual, dispute resolution protocols, Whistle-blowing policy, Enterprise Risk Management (ERM) Framework; and Code of Business Ethics and Conduct.”

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

7 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.